Group 1 - Trump's plan to increase tariffs on steel and aluminum to 50% starting June 4 may be just the beginning of a broader trade war [1] - Citigroup's report indicates that investigations under Section 232 could lead to tariffs on copper and other key metals in the coming months [1][2] - Higher tariffs are expected to raise metal prices, increasing procurement costs for U.S. metal consumers, while also creating arbitrage opportunities for investors [1] Group 2 - Legal obstacles have previously hindered Trump's tariff policies, but urgency has increased for the U.S. government to implement trade measures [2] - The final report on copper materials is due by November 25, with a mid-term report on critical minerals expected on July 14 [2] - Citigroup anticipates that tariffs may be implemented by the third quarter of 2025 as research progresses rapidly [2] Group 3 - Citigroup analysts express caution regarding base metal prices before June, predicting continued pressure on prices, especially for copper, by the third quarter of 2025 [3] - High net long positions in copper may lead to a decline in demand once tariff policies are clarified, putting further pressure on copper prices [3] Group 4 - Two key areas may restrict metal demand growth: a decline in solar installations and challenges in the electric vehicle (EV) sector [5] - Solar installations in China are projected to drop by 39% to 44% in the second half of 2025, directly impacting copper demand [5] - Potential U.S. policies to curb EV sales and shifts in battery technology focus may limit demand for nickel and cobalt, affecting market outlook [5]

Group 1 - The Hong Kong Monetary Authority has approved the inclusion of Hong Kong as a licensed delivery location in the London Metal Exchange's (LME) global warehouse network, with the first four approved warehouses expected to be operational by July 2023 [1] - The LME has indicated that more operators are applying to become licensed warehouses, with no specific target number for approvals, as the development will be determined by market supply and demand [1] - The LME Asian Annual Conference will be held in May 2023 to discuss industry topics and introduce the latest licensed delivery locations in Hong Kong [1] Group 2 - The Hong Kong government aims to establish an international-level gold storage facility to attract investors from various economies, including the Middle East and Southeast Asia [2] - The development of gold storage is expected to increase demand for related services such as insurance, certification, and logistics, thereby expanding the ecosystem for collateral, borrowing, and hedging transactions [2] - A working group will formulate plans within the year to enhance storage facilities, optimize trading and regulatory mechanisms, and promote market products [2]